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As disclosed by Shanghai Chaori Solar Energy Science and Technology Co., Ltd. on May 20 2013, the company’s corporate bonds (Code: 112061, Abbreviation: 11 Chaori Bond) will be suspended from listing due to issuer’s losses for consecutive two years in 2011 and 2012, in compliance with relevant stipulations in the Rules of Shenzhen Stock Exchange for Corporate Bond Listing (2012 Revision). The announcement also said that “11 Chaori Bond” will resume trading as of May 22 2013 and continue to trade for 30 trading days before it is officially suspended from listing on the SZSE Centralized Quotation System and Comprehensive Trading Platform for Negotiated Deals. During the period since its suspension till maturity, the principal and interest shall still be (re)paid at prescribed dates and by prescribed means according to original prospectus and relevant announcements. The issuer, trustee and parties concerned shall continue to fulfill their due duties and obligations. It is known that there are clear stipulations for resumption of bond listing and bond delisting in the Article 6.4 and 6.5 of the Rules of Shenzhen Stock Exchange for Corporate Bond Listing (2012 Revision). For bonds being suspended from listing due to issuer’s losses for consecutive two years, if audit results for the first subsequent fiscal year disclosed within in the statutory disclosure period show profit, the issuer can file an application to SZSE for resumption of bond listing; if audit results for the first subsequent fiscal year still keep in the red, the issuer’s bonds will be delisted from SZSE. It is also known that “11 Chaori Bond” is the third one being suspended from listing due to issuer’s losses for consecutive two years in the Shenzhen market since the suspension of 2008 Corporate Bonds of Hunan Non-ferrous Metals Holding Group Co., Ltd. (Code: 111043,Abbreviation: 08 Hunan Nonferrous Metals) and Convertible Bonds with Detachable Call Warrant of Panzhihua New Steel and Vanadium Co., Ltd.(Code: 115001, Abbreviation: Panzhihua New Steel and Vanadium Bond 1). In fact, the issuer of “11 Chaori Bond” has been disclosing risk warnings thereof ever since February this year. In the wake of the robust development in the bond market, especially the rapid expanding issue volume of credit-based bonds, investors shall fully understand the business rules associated with the bonds they invested, pay close attention to the operational risks of issuers as well as repayment risks and suspension risks of bonds, and effectively protect their own rights and interests. |
